News Release – Vancouver, British Columbia – August 10, 2022: Monumental Minerals Corp. (“Monumental” or the “Company”) (TSX-V: MNRL; FSE: BE5; OTC: MNMRF) is pleased to announce the results of a recently completed satellite multispectral interpretation covering the Jemi Heavy Rare Earth (HREE) Project (“Jemi”), located in Coahuila, Mexico, about 40 km south of the Texas, USA border.
The Jemi Project hosts numerous REE occurrences containing potentially economic concentrations of the high value magnetic REEs including dysprosium (Dy), terbium (Tb), neodymium (Nd) and praseodymium (Pr). The Project also contains anomalous grades of tantalum (Ta), niobium (Nb), and zirconium (Zr). Jemi sits within the North American Alkaline Igneous Belt, an under explored north-south 3000 km long trend of alkaline igneous rocks and carbonatites that are host to numerous REE, gold and other critical element deposits.
ASTER satellite multispectral data was processed, imaged and interpreted over the Jemi Project. The band for fluorite (CaF2) and periclase (MgO) (Fig. 1a) may be associated with REE-bearing minerals, as fluorite is a common accessory mineral in HREE peralkaline systems, and periclase is a common mineral where peralkaline magmas have altered limestone host rock. Additionally, the combination of several spectral bands that represent minerals including fluorite, pyrite, hypersthene, epidote, garnet, and hemimorphite (a zinc mineral found in carbonate replacement deposits in northern Mexico) correlate positively with REE lithogeochemical results from surface grab samples. These bands, plus REE grab sample concentrations were compared using a supervised machine learning method to create a probabilistic map of high REE concentrations in rocks at surface (Fig. 1b).
Jamil Sader, Monumental’s CEO and Director comments:
“The multispectral satellite results are a valuable tool to assist with Monumental’s exploration program in Mexico. They have identified several new locations of interest for REE mineralization within the high-priority area at our Jemi Project, and will be followed up with boots-on-the-ground exploration including mapping, geochemistry, and geophysics. We are excited for the immediate start of this next stage of exploration at the Jemi project, and the drill targets that it will generate.”
Figure 1. The spectral band for fluorite and periclase (A) and the probability model for REE targets (B) will be used to guide the upcoming exploration campaign at the Jemi project. In both images, hotter colours are considered more prospective.
Both the fluorite/periclase spectral band and the machine learning probability model further emphasise the 8 km2 high-priority area defined based on field observations, airborne radiometrics, and known HREE mineral occurrences (see the Company’s news release dated May 3, 2022). Additionally, within this high-priority area, the spectral interpretation highlights discreet areas that may host eudialyte-bearing alkaline dykes, veins, and dissemination. Eudialyte is a Na, Ca, Fe/Mn, Zr silicate mineral that can contain up to 10% REE (enriched in HREEs), and 12% ZrO2. The ASTER satellite spectral data also identified several areas prospective for copper/zinc/lead/silver carbonate replacement deposits (CRD) on Monumental’s exploration claims. This deposit style is common in the region, and the La Encantada silver mine, operated by First Majestic Silver, is located along strike only 20 km southeast of Jemi. Monumental cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Jemi Project.
Previously collected geological, geochemical, and geophysical results, plus this newly collected spectral interpretation data will be used as guidance tools for the upcoming exploration program that will commence during August, 2022. The program will include field mapping, geochemical sampling, and surface radiometrics, and will lay the foundation for HREE drilling targets, proposed to be tested in Q4 2022.
Monumental enjoys a positive relationship with all local landowners and stakeholders, and is committed to the continuing engagement of local communities.
Jamil Sader, Monumental’s CEO and Director comments:
“The continued deterioration of trade and political relationships between China and western countries, plus the high and stable spot prices makes Jemi all the more significant in potentially contributing to a home-grown source of REEs.”
Rare earth element mineralization discovered to date at Jemi exhibits characteristics and mineralogy consistent with peralkaline intrusion-related deposits, which represent an important, potentially economic style of HREE mineralization. Deposits of this type are being explored and prepared for development in Australia, Europe, and North America. With the ongoing trade and political disputes between the USA/the /western world and China (the primary supplier and refiner of REEs), as well as the sales of EV growing by multiples, REE spot prices are near all-time highs (Fig. 2) and are projected to maintain or increase in value for the foreseeable future.
Figure 2. Charts of spot prices high-value REEs (Nd, Pr, Dy, Tb), which are present at the Jemi Project. The charts demonstrate sustained high values for these commodities. Data from Ginger International Trade & Investment Pte.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a Director of the Company and a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About Monumental Minerals Corp.
Monumental Minerals Corp. is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties in the critical and electric metals sector. The Company’s flagship asset is the Jemi HREE project located in Coahuila, Mexico near the Texas, USA border which the Company has an option to acquire 100% of the 3,650-hectare project. The Company has an option to acquire a 75% interest and title to the Laguna cesium-lithium brine project located in Chile.
On behalf of the Board of Directors,
/s/ “Jamil Sader”
Jamil Sader, Chief Executive Officer and Director
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Forward Looking Information
This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, the potential plans for the Company’s projects, the completion of the follow-up work program on the Jemi project which includes mapping, sampling, and surface radiometrics and the expected outcomes, the potential drill targets at Jemi, other statements relating to the technical, financial and business prospects of the Company, its projects and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner and that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR at www.sedar.com. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, failure to secure personnel and equipment for work programs, adverse weather and climate conditions, risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological assumptions, failure to maintain all necessary government permits, approvals and authorizations, failure to obtain surface access agreements or understandings from local communities, land owners or Indigenous groups, fluctuation in exchange rates, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to, the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, decrease in the price of rare earth elements, lithium, cesium and other metals, loss of key employees, consultants, or directors, failure to maintain community acceptance (including from the Indigenous communities), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.